📍In this video we have discuss complete process to incorporate the LLP. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct. Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity. Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.
📃Documents & information required for LLP incorporation
👉Two Proposed Name
👉Business Activities
👉Address proof-electricity bill/property tax receipt
👉Address proof partner- bank statement/ or any utility bill
👉Identity proof- voter id/dl/passport
👉Pan Aadhar and passport size photo
👉Subscriber Sheet
👉Form 9 Consent Letter bit.ly/32AtaMS
🗓Compliance of LLP
Form 11 - Annual Return- 30 May
Form 8 - Statement of Account & Solvency - 30 Oct
ITR 5 - Income Tax Return - as per Income Tax Act due dates
GST Returns - As per GST Act due dates
👩🏻‍💻Audit Requirement
The accounts of every LLP shall be audited in accordance with Rule 24 of LLP, Rules 2009.Such rules, inter-alia, provides that any LLP, whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty five lakh rupees, is not required to get its accounts audited. However, if the partners of such limited liability partnership decide to get the accounts of such LLP audited, the accounts shall be audited only in accordance with such rule.
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⏰Time Stamp
0:00 Intro
0:48 Basics and Governing Law for LLP in India
1:16 How to incorporate LLP?
2:38 Compliance of LLP
2:50 LLP Agreement
3:13 Form 11 Annual Return of LLP
3:33 Form 8 Statement of Account & Solvency of LLP
4:04 Fee for LLP incorporation
4:45 Name Reservation Fee of LLP
4:46 LLP Form Filing Fee with MCA
5:39 Stamp Duty for LLP Agreement
5:59 DSC Cost for LLP incorporation
6:31 Form for LLP incorporation
8:03 LLP name reservation RUN LLP
9:32 How to fill Form for LLP incorporation
15:13 Documents required for LLP incorporation
15:37 Subscriber sheet
16:04 Form 9 Consent Letter of Partners
16:18 Form signing and attestation by professional
16:56 How to add DSC on MCA Portal
17:53 How to upload e LLP Form on MCA
18:40 Outro
#LLP #incorporation #Guide
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